The ministry of corporate affairs has said that in the changed environment of business and corporate governance, the new mode of reporting business and finance information called XBRL, will benefit all stake holders including regulators. All large companies have to report their annual results of 2010-11 in the extensible businesses reporting language or XBRL. The change was introduced by the ministry a month ago.
??We the regulators need to know what is happening and an environment has to be created, where every information is available and XBRL is a solution to this,? corporate affairs secretary DK Mittal said at a seminar on the subject organised here by the Institute of Company Secretaries of India (ICSI).
This format, however, is not applicable to specified sectors like banking, insurance, power and NBFCs. XBRL also enables easy analysis of financial information.